What is lazy minting NFTs?

lazy minting nfts spirit realm
1 of our 5K collection from Spirit Realm

Lazy minting is a new way of creating non-fungible tokens (NFTs).

Unlike traditional minting, where you create the NFTs on-chain before they are sold, a lazy minting contract creates the NFT when it is being purchased. Lazy minting fees are paid by the buyer, which is the main reason that it is gaining popularity.

Minting fees AKA gas fees can be expensive, especially when an artist is launching a large collection. Even a $5-10 fee adds up when you are launching a collection of 5K or 10K NFTs.

What is the concept behind lazy minting?

The concept of lazy minting is based on the idea that the creation of an NFT is not necessarily the most important part of the process. Rather, what makes an NFT valuable is its ownership and the scarcity of that ownership. By creating an NFT only when it is sold, the artist or creator is able to maintain control over the supply of their work, while also allowing for a more efficient and cost-effective approach to NFT creation.

What are the benefits of lazy minting?

One of the key benefits of lazy minting is that it reduces the upfront costs associated with creating NFTs. Traditionally, artists and creators would need to invest in the creation and minting of a large number of NFTs before they were even sold, which can be a significant financial burden. With lazy minting, artists and creators can create and sell NFTs on demand, meaning they only need to invest in the creation of the NFT when there is demand for it.

Another benefit of lazy minting is that it allows for greater control over the supply of an NFT. By creating NFTs on demand, creators can maintain a level of scarcity that can increase the value of their work. This is particularly important in the world of digital art, where the ease of replication can sometimes undermine the value of the work. By limiting the supply of NFTs, creators can ensure that their work remains unique and valuable.

Lazy minting also offers benefits for buyers of NFTs. By creating NFTs on demand, buyers can be confident that they are purchasing a unique and valuable piece of digital art. Additionally, the reduced upfront costs associated with lazy minting mean that creators may be able to offer their work at a lower price point, making it more accessible to a wider range of buyers.

Are there any drawbacks to lazy minting?

There are, however, some potential drawbacks to lazy minting. One concern is that it may lead to a proliferation of low-quality NFTs. Because lazy minting allows for NFTs to be created quickly and easily, there is a risk that some creators may prioritize quantity over quality, flooding the market with low-value NFTs.

Another potential issue with lazy minting is that it may undermine the exclusivity of owning an NFT. By creating NFTs on demand, the scarcity of an NFT may be diminished, which could impact its value. However, this is largely dependent on how the creator manages the supply of their NFTs and how they market their work.

Why we used Lazy Minting?

We used a lazy minting contract for our 5K NFT collection that we launched with the Spirit Realm.

At the time minting was about $8 USD in gas fees to mint each NFT. $8 x 5000 = ~$40,000. This did not seem like an optimal plan for our newly formed project.

We used the ThirdWeb SDK, which also allowed us to do signature-based minting. What this means is that our community could get a free NFT if they followed us on Twitter. Our goal with our project is to build a community of people interested in using Web3 technology to explore new ways of storytelling.